# The Murky Ties Between Crypto Promoters and Failed Schemes SteemCash currently features Michael Taggart as a prominent figure, with the cryptocurrency personality asserting that he helped establish
# The Murky Ties Between Crypto Promoters and Failed Schemes
SteemCash currently features Michael Taggart as a prominent figure, with the cryptocurrency personality asserting that he helped establish BitShares. Historical documentation links Taggart to Mark Lyford's operations beginning in 2014—specifically to endeavors that observers have characterized as fraudulent. The broader BitShares ecosystem has remained divided on whether Taggart truly co-founded their network. Certain prominent voices, notably Stan Larimer, who authored the BitShares whitepaper, publicly supported Taggart's assertion. Yet other community participants on BitShares forums have been vocal detractors of both individuals.
Taggart maintains he played only a minor promotional role in Lyford's operation and categorically rejects deeper involvement. Evidence examined by MiningPool paints a different picture. Users know him by aliases including "Michael X" and "Murderistic" within BitShares circles. His Angel.co profile once identified him as a Banx founder. According to Taggart, an administrative assistant jointly serving both men caused that listing to appear. The unnamed staffer never validated this explanation. Taggart has since purged Banx references from his professional pages.
Additional materials strengthen the case for substantial participation. An October 2015 communiqué distributed to Banx participants outlined the venture's trajectory and positioned Taggart as central to execution. It stated: "It's exciting times. CrowdMy.com will be a 50/50 partnership company with Banx and Michael Taggart's company. CrowdMy.com will be a future platform for offering other Banx offerings, products and services. It will be fully regulated in the Cayman Islands and offering the chance for people to invest into a fund per offering." CrowdMy.com never materialized. Domain records point to the Lyford Group. Internal registry documents omit any reference to Taggart. Lyford's corporate entity maintains exclusive legal claim.
Further correspondence underscores the partnership's depth through this vehicle. Beyond documentation, Taggart delivered a 120-minute presentation ostensibly covering bitcoin fundamentals while ultimately steering viewers toward Banx investments. The three most recent submissions on his YouTube account revolve around Banx activities. This material has been preserved on Vimeo under the heading "How To Make Reliable Automated Income With ZERO Work Required" for archival preservation. Banx community members independently confirmed Taggart's operational role.
Today, both individuals collaborate on SteemCash, a platform billed as instructional material for the Steemit ecosystem. Marketing materials obscure the absence of formal Steemit sponsorship. The marketing presentation mirrors Banx's structure and messaging. Lyford's Steem profile contains no functioning contributions. Taggart maintains several high-value posts, though the overwhelming bulk underperform, and neither demonstrates the returns they promise subscribers. A third operation called Accrusoft, also housed under Lyford Group's corporate umbrella, occupies their attention simultaneously. The venture simultaneously pursues publishing opportunities on Amazon, while marketing software products designed to facilitate the sale of additional software—a traditional multilevel architecture. Educational webinars demand monthly subscriptions, replicating the Banx framework.
Lyford and Taggart had suspended SteemCash growth. The influx of Banx veterans cautioning the Steemit population likely hastened this pause. Recently, SteemCash restructured around a direct-sales component.
The Banx Background
Lyford disputes characterization of Banx as fraudulent, though reporting has comprehensively documented the scheme. BanxShares supposedly conveyed ownership stakes in Lyford's enterprise, despite zero corporate registration permitting public investment. Shareholders were promised distributions from an array of Banx-affiliated operations—mining infrastructure, mint operations, exchange platforms, trading applications, and retail marketplaces. Not one achieved viability. Most remained perpetually unrealized.
Lyford marketed BanxShares as a digital currency despite maintaining absolute control. A single venue—an exchange Lyford himself managed—would trade it. An artificial floor price prevented sales below predetermined levels, which Lyford employed to fabricate escalating market valuations. Genuine purchasing activity remained minimal. Upon integration into the BitShares network, valuations collapsed precipitously. Affected parties report devastating losses in the tens of thousands of dollars. Lyford dismantled operational websites, eliminated community forums, and restricted Reddit access.
Following that collapse, "Entrepreneur Action" emerged as a successor vehicle. Lyford generated a BitShares-based asset offering previous Banx holders a one-to-one conversion mechanism. Within half a year, the network classified it as defunct. The project website displays only placeholder elements to this day. Lyford's subsequent pivot toward SteemCash represented another strategic shift. He had previously announced: "Entrepreneur Action is the only business I am focusing on over the next two years, I will be living and breathing it." Despite announcing closure operations, formal business dissolution never occurred. According to UK regulatory filings, Banx Capital Ltd technically remains registered as an active entity. Parallel ventures Lyford established were administratively terminated only after sustained non-compliance with filing mandates, at which point authorities designated them dormant.
Taggart's vehement denials regarding Banx connections cast the entire enterprise in a questionable light. He declined to comment when presented with these findings. His dual assertion—co-founder standing in BitShares combined with Banx estrangement—warrants scrutiny. The first claim remains uncertain within community discussions. The second is demonstrably contradicted by the evidence.
